President Muhammadu Buhari has approved First bank limited, Access Bank Plc and three other banks as Covid-19 donor accounts to form part of the existing Treasury Single Account (TSA) arrangement.
Other banks are Guaranty Trust bank plc, United Bank for Africa plc and Zenith bank plc.
The five banks joined Central Bank of Nigeria (CBN) in the collection of Covid-19 funds in the country.
The Nigeria Private Sector Coalition Against Covid-19 (CACOVID), as of April 23, realised about N27.16 billion.
The Office of the Accountant General of the Federation in its framework for the management of Covid-19 funds in Nigeria under the TSA, noted that all public funds allocated and dedicated to the fight against Covid-19 including the fiscal stimulus package.
According to the scope of the framework,” it is also applies to all donations by corporate bodies and individuals to the federal government towards the fight against Covid-19 and the mitigation of its social and economic effects on citizens at large including donations under the Private Sector Coalition Against Covid-19 (CACOVID) fund domiciled at the CBN.
“Lastly, it provides clarity on the operation of the five newly opened Cpvid-19 donor TSA sub-Accounts domiciled in commercial banks.”
On the objects, the circular noted that the federal government recognized citizens expectation that these resources be prudently applied towards the fight against Covid-19.
“In accord with citizens expectations, government is committed to managing these funds with the highest sense of transparency and integrity.”
However, the Director Information, and Press, Office of the Accountant General of the Federation, Mr. Henshaw Ogubike in a statement in Abuja on Tuesday, explained that the framework covered all public funds allocated and dedicated to the fight against COVID-19 including the Fiscal Stimulus Package as well as all donations by corporate bodies and individuals to the Federal Government towards the fight against COVID-19 and the mitigation of its social and economic effects on citizens.
He said this directive also included donations under the CACOVID Fund domiciled at the CBN.
According to to him, Federal Government recognises citizens expectation that these resources be prudently applied towards the fight against Covid-19.
“In accordance with citizens expectations, government is committed to managing these funds with the highest sense of transparency and integrity.
“This framework is therefore designed to articulate the measures put in place by government for the transparent and accountable management of Covid-19 Donor Funds as an expression of its commitment towards bridging the trust gap.
“The TSA Sub Account in commercial banks are to be used for the purposes of receiving COVID-19 donations only. On no account shall any other fund of Federal Government Ministries, Departments and Agencies (MDA) be deposited into the accounts or any other account in commercial banks.
“All other government accounts are to be maintained at the CBN in line with the Presidential directive on TSA, the TSA Guidelines and related extant Circulars.
“And all accounts with commercial banks are to be linked with the TSA at CBN to provide a single consolidated view of aggregate government cash balances.